In today’s society run by “millennials”, renting instead of purchasing a home is becoming more and more popular. Instead of graduating from college and settling down, young adults are now choosing to put off home ownership and even marriage to maintain a flexible lifestyle. While our team at GVC Mortgage understands these changes in perspective, we also don’t want millennials to be dissuaded by their culture from considering homeownership. And while buying isn’t right for every person or every circumstance, there are several perks of homeownership that tend to stay stable over time.
1. Save Money
Owning a home and paying a monthly mortgage almost always means a lower payment than what you would pay to rent. While several factors go into this truth, the main reason is that a landlord typically has to inflate monthly costs in order to turn a profit. However, with homeownership, you are not paying a premium to rent on top of a bank loan, as you are the owner of the base level mortgage, which means lower overall costs. Additionally, with homeownership, there are no extra fees such as pet, parking, or maintenance.
2. Build Equity
If the rent in your area rises, it may mean rising property values, but it will not benefit a renter in any way. However, when you own your home and property values rise, that equity is yours. So, whether you decide to let it sit and continue to grow or to tap your equity for home improvement projects, the money is yours to decide how to use. Not to mention, if your home value goes up, you can potentially turn a profit if/when you decide to sell.
3. Customization
Finally, while financial benefits are definitely important, we also believe it’s import to take pride in your home. When you rent, you are at the mercy of your landlord, and he may not allow you to paint, put in a fence, or even have a garden. However, when you own your property, you are free to complete full remodeling projects and customize your home to your exact taste.
If you’re currently renting a home and considering buying your first home, don’t hesitate to contact our team at GVC Mortgage at (317) 564-4906. We can determine what type of loan you would qualify for and how that will affect your monthly and long-term financial plans. Our mortgage professionals would be glad to help you decide whether to keep on renting or consider purchasing your first home in the greater Indianapolis area.
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